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Articles Category : Auditing
COMPANIES (AUDITORíS REPORT) ORDER, 2003 - APPRAISAL NOTE
Posted Date : 31-May-2013 , 03:50:44 pm | Posted By Gaurav Dhamija

COMPANIES (AUDITOR’S REPORT) ORDER, 2003 APPRAISAL NOTE   Applicability (Any of the Following)   1.    Paid – up capital and reserves of more than 50 Lacs. 2.    Has accepted any public deposit. 3.    Turnover exceeding Rs....

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Category : Auditing | Comments : 0 | Hits : 524

Audit Procedure
Posted Date : 31-May-2013 , 03:46:40 pm | Posted By Gaurav Dhamija

GENERAL PROCEDURES:     1.    Study the previous year’s income tax file of the concern maintained by the Chartered Accountant.   Documents which we have to study in the file said above:   a.     General information about the clien...

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Category : Auditing | Comments : 4 | Hits : 1139

Checklist for HR Audit
Posted Date : 20-Apr-2013 , 06:33:33 pm | Posted By Chetan Nohvar

Following points needs to be considered while audit of personnel Department :‐   1. Under the Constitution of India, Labour is a subject in the Concurrent List where both the Central & State Governments are competent to enact legislation subject t...

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Category : Auditing | Comments : 2 | Hits : 1898

Audit Tips for Beginners
Posted Date : 20-Apr-2013 , 06:26:26 pm | Posted By Chetan Nohvar

Audit is a process or technique to verify the accuracy and reliability of the financial statement of  company/firm/proprietor/others.   It requires professional judgement to overcome certain dilemmas and take correct decisions while auditing. &...

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Category : Auditing | Comments : 2 | Hits : 1492

More than Just Auditing
Posted Date : 25-Mar-2013 , 04:32:32 pm | Posted By Tejas Rupani

What things make difference between normal auditor and valuable auditor? More particularly I am focusing on article called as “More than Just Auditing” because we are leaving in a country which is emerging as a developed country by latest 2020. Now the time has come to create a value a...

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Category : Auditing | Comments : 1 | Hits : 821

Difference between Management and Those Charged With Governance (TCWG).
Posted Date : 11-Mar-2013 , 01:07:13 pm | Posted By Vinay Sharma

Difference between Management and Those Charged With Governance (TCWG). For Accounting Professionals and Students it is very much of relevance to know the DIFFERENCE BETWEEN MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE (TCWG) in relation to SA-260 (Communication of audit matters to those charged ...

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Category : Auditing | Comments : 0 | Hits : 1061

An Illustrative Format of Report of the Auditor of a Banking Company
Posted Date : 09-Mar-2013 , 06:30:08 pm | Posted By Vinay Sharma

INDEPENDENT AUDITOR’S REPORT To   The Shareholders   Report on the Financial Statements   1.             We have audited the accompanying financial statements of the ABC Bank Limited, which comprise the Balance...

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Illustrative Format of Report of the Auditor of a Nationalised Bank
Posted Date : 26-Feb-2013 , 06:12:17 pm | Posted By Vinay Sharma

                                                                   INDEPENDENT AUDITOR’S REPORT   To ...

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Category : Auditing | Comments : 0 | Hits : 1357

Extension of Last date for Filing of Cost Audit Report (CAR) and Cost Compliance Report (CCR) in the eXtensible Business Reporting Language (XBRL) mode.
Posted Date : 26-Dec-2012 , 11:01:39 pm | Posted By NAVNEET KUMAR JAIN

Extension of Last date for Filing of Cost Audit Report (CAR) and Cost Compliance Report (CCR) in the eXtensible Business Reporting Language (XBRL) mode. By Navneet Kumar Jain FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA   Keeping in view of the ongoing requests from differ...

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Category : Auditing | Comments : 0 | Hits : 1249

Companies Bill for independent regulator for auditors
Posted Date : 07-Dec-2012 , 04:32:58 pm | Posted By ASP

The Companies Bill, 2011 provides for setting up of National Financial Reporting Authority (NFRA), an independent regulator for auditors, Parliament was informed. The authority would formulate accounting and auditing standards as well as monitor and enforce them among other things, Minister of C...

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Category : Auditing | Comments : 0 | Hits : 381

Cost Compliance Report and Cost Audit Report
Posted Date : 23-Nov-2012 , 12:57:35 am | Posted By NAVNEET KUMAR JAIN

Difference in applicability of Cost Compliance Report and Cost Audit Report New Cost Audit Orders and its Comparision with earlier orders  By CMA Navneet Kumar Jain FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA   With issue of various circulars, cost audit orders a...

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Pivot Tables - Excel Tool for Data Analysis
Posted Date : 23-Oct-2012 , 06:57:20 pm | Posted By Preeti

  Pivot Tables - Excel Tool for Data Analysis  As we are all aware excel is widely used for accounting and financial purposes. In the past they were used only to perform basic maths, such as adding, multiplying, subtracting and dividing. Today's spreadsheets can be sign...

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Category : Auditing | Comments : 0 | Hits : 2414

MCA to Review Cost Audit/Compliance Reports
Posted Date : 20-Oct-2012 , 09:32:04 pm | Posted By NAVNEET KUMAR JAIN

MCA to Review Cost Audit/Compliance Reports By CMA Navneet Kumar Jain FCMA, MBA, LL.B., M.COM., PGDTL., LIII., AIIISLA Festive season is on and the costing professionals along with Financial Heads of the organisations are busy in preparation of cost records and finalizing the same fo...

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Internal Audit- 'A Shift'
Posted Date : 08-Oct-2012 , 11:58:06 am | Posted By Mukul Gulati

A shift from Conventional Internal Audit to Risk Based Internal Audit   The present Internal Audit across small and mid-sized organization involves a dry review of Purchase, Sales, Operations, Finance and Payroll functions with results more likely to reveal...

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Cost Records & Compliance Certificate Applicability
Posted Date : 13-Sep-2012 , 12:40:47 pm | Posted By CMA Arif Farooqui

APPLICABILITY OF MAINTAINES OF COST RECORDS & COMPLIANCE CERTIFICATE MAINTENANCE OF COST ACCOUNTING RECORDS As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign c...

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A breif on Companies Cost Audit Orders- 2011
Posted Date : 13-Sep-2012 , 12:33:54 pm | Posted By CMA Arif Farooqui

                                     Cost Audit Orders - 2011 Ministry of Corporate Affairs has issued various Co...

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Category : Auditing | Comments : 0 | Hits : 588

Auditing - A Beginners Guide
Posted Date : 31-Aug-2012 , 03:38:27 pm | Posted By Mukul Gulati

Auditing - A Beginners Guide A couple of days before a new intern joined my firm, and believe me he was too frightened. He asked me that you all are involved in Auditing Line, so give me some tips so that it will help me out for my future projects. “Points to be considered wh...

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Ledger Scrutiny - Backbone of Statutory Audit
Posted Date : 31-Aug-2012 , 03:22:38 pm | Posted By Mukul Gulati

Ledger Scrutiny - Backbone of Statutory Audit So Professionals September season is going to start & I know everyone will be busy with their respective Audits. The same thing is happening with me & i am also fed up of 6 A.M TO 10 P.M Schedule. But if we look at the other side th...

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Bank Concurrent Audit
Posted Date : 04-Aug-2012 , 01:51:08 pm | Posted By Vikash Kumar Jha

Bank Concurrent Audit   Bank Concurrent Audit is a kind of internal audit where auditor responsibility is to review and correct assign bank branch internal control system. However compare to other internal audit, concurrent audit is little different; in concurrent audit auditor ...

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Category : Auditing | Comments : 6 | Hits : 11666

Differences Between Internal Audit And Statutory Audit
Posted Date : 04-Aug-2012 , 01:29:29 pm | Posted By Vikash Kumar Jha

An internal audit is conducted by the permanent staff of the same office to detect weakness in system, procedures and for the improvement. But statutory audit is the act of checking books of accounts as per the provision of company act. Both of them check books of account, detect errors and fraud...

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Category : Auditing | Comments : 4 | Hits : 2269

Last for Submission of Cost Audit/Compliance Report Extended
Posted Date : 27-Jul-2012 , 07:44:46 am | Posted By NAVNEET KUMAR JAIN

Extension in last date of Filing of Cost Audit Reports or Cost Compliance Reports: Last Date Extended upto 31/12/12 By Navneet Kumar Jain FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA   Normally July to September is the time for finalization of audits especially Financ...

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Category : Auditing | Comments : 0 | Hits : 2937

Summary of checklist for conducting concurrent bank audit
Posted Date : 11-Jul-2012 , 04:42:02 pm | Posted By CA ISHA MARFATIA

KYC checking: For New account 1)      Name of the account holder 2)      Type of a/c saving/current/time/advance 3)      A/c no 4)      A copy of verified Identity proof 5)&...

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Category : Auditing | Comments : 7 | Hits : 13907

ICAI defers applicability of Auditing Standard SA 700 (Revised), 705, 706 to 1st April, 2012
Posted Date : 18-Apr-2012 , 12:58:30 pm | Posted By CA Vikas Maheshwari

IMPORTANT ANNOUNCEMENT: Important Announcement on revised Effective Date/ Applicability of three Standards on Auditing, namely – - SA 700 (Revised), “Forming an Opinion and Reporting on Financial Statements”; - SA 705, “Modifications to the Opinion in the In...

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Category : Auditing | Comments : 0 | Hits : 1312

Analytical procedures
Posted Date : 15-Apr-2012 , 09:41:46 am | Posted By Kishore Bolisetty

Analytical Procedures mean the analysis and comparison of financial statements with an intention to identify the potential risk areas of the business. Financial statements show the income, expenses, assets, liabilities and share capital. When we calculate different ratios by creating relation...

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Risk based Internal Audit
Posted Date : 23-Mar-2012 , 02:51:09 pm | Posted By CA Akshay Joshi

 Parallel to the great upsurge another factor that hunting the board room of the corporate are "Risk". There can be any type of the risk whether it is liquidity risk, fraud risk, reputation risk, competition risk and sundry other risks. Thus the internal audit pr...

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Category : Auditing | Comments : 0 | Hits : 770

Statutory Auditors of Construction/Real Estate Companies to exercise caution
Posted Date : 22-Mar-2012 , 11:21:46 pm | Posted By NAVNEET KUMAR JAIN

Applicability of Cost Records in Real Estate/Construction Industry Statutory Auditors of Construction/Real Estate Companies to exercise caution By Navneet Kumar Jain, Practising Cost Accountant, Delhi Till the year 2010-11, cost records were required to be maintained for companies in ...

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Revised Branch Audit Limit
Posted Date : 22-Mar-2012 , 08:27:08 pm | Posted By CA Mordhwaj Garg

RBI revised Branch Audit Limit 20 Crore to 6 Crore. ...

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Category : Auditing | Comments : 0 | Hits : 610

Social Audit
Posted Date : 19-Mar-2012 , 03:51:04 pm | Posted By Mrattunjay

Every organization obtains critical inputs from the environment and converts them into products and services to be used by society at large. As such, it is not a money spinning machine alone; it has to take care of societal interests in all its operation. It is not therefore supposed to pollu...

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Category : Auditing | Comments : 0 | Hits : 587

Art of Internal Auditing
Posted Date : 07-Mar-2012 , 10:54:02 am | Posted By SHIKHA SONI

Now, the world is in twenty first century, everywhere changes could be visualised but with respect to accounting, auditing etc, where is the change?  Modern organisations have become more sophisticated and thus resulted in decentralisation of their activities and consequently the top ma...

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Category : Auditing | Comments : 2 | Hits : 449

Cost Audit Applicability: 2011-12 and 2012-13
Posted Date : 23-Feb-2012 , 06:02:24 am | Posted By NAVNEET KUMAR JAIN

Cost Audit Applicability: 2011-12 and 2012-13 Maximum Organisations Covered vide new Cost Audit Orders dated 24 Jan 2012;;; The Ministry of Corporate affairs has issued various Cost audit orders since 2/5/2011 and the latest cost audit order has been issued on 24/01/2012. Various industri...

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Category : Auditing | Comments : 2 | Hits : 34596

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